Answered step by step
Verified Expert Solution
Question
1 Approved Answer
5,000 Emily and Luke Robinson are married and have one child. Luke is putting together some figures so that he can prepare the Robinson's joint
5,000 Emily and Luke Robinson are married and have one child. Luke is putting together some figures so that he can prepare the Robinson's joint 2018 tax return. So far, he's been able to determine the following with regard to Income and possible deductions: Total unreimbursed medical expenses incurred $1,155 Gross wages and commissions earned 50,840 IRA contribution Mortgage interest paid 5,100 Capital gains realized on assets held less than 12 1,450 months Income from limited partnership 150 Interest paid on credit cards 360 Qualified dividends 600 Interest earned on bonds 230 Sales taxes paid 2,470 Charitable contributions made 1,250 Capital losses realized 3,475 Interest paid on a car loan 570 Social Security taxes paid 2,700 Property taxes paid 700 State income taxes paid 1,600 Assume that Luke is not covered by a pension plan where he works, his child qualifies for the child tax credit, and the standard deduction of $24,000 for married filing jointly applies. How much taxable income will the Robinsons have in 2018? Note that personal exemptions were suspended for 2018. Do not round your intermediate computations, Round the answer to the nearest dollar
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started